Daimler AG has reorganized its cooperation with Tesla Motors Inc. Daimler terminated the share-price hedge it initiated in 2013 and has sold its stake in Tesla of approximately 4%. The cooperation between the partners on the automotive projects continues. Development work for the Mercedes-Benz B-Class Electric Drive is completed and the partnership with Tesla remains in place.

“We pursue our strategy for emission-free driving consequently. Electric vehicles are one component of this roadmap. In Tesla we do have a bold partner. Together we launched the B-class Electric Drive successfully in the United States this summer. In November, the B-Class Electric Drive will be launched in Europe as well. We are convinced that this powerful electric vehicle for every day use will appeal to a lot of customers,” stated Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars.

The batteries for the first generation of the smart for two electric drive had been from Tesla. The two-seater with electric drive is one of the best-selling electric cars in Germany. “Our partnership with Tesla is very successful and will be continued,” added Zetsche.

Bodo Uebber, Member of the Board of Management of Daimler AG for Finance & Controlling and Financial Services: “We are extremely satisfied with the development of our investment in Tesla, but it is not necessary for our partnership and cooperation. For this reason, we have decided to divest of our shares. This will also allow Tesla to broaden its investor base.

“We have supported Tesla as a startup company for many years and have learned a lot from Tesla. At the same time, Tesla was able to profit from our automotive expertise. The cooperation with Tesla is one component of our activities in the field of electric mobility. It optimally complements our involvement in Deutsche ACCUmotive,” explained Prof. Dr. Thomas Weber, member of the Board of Management of Daimler AG for Group Research & Mercedes-Benz Cars Development.

Daimler has the industry’s biggest portfolio of electric vehicles, from cars and vans to buses and light trucks: smart electric drive, Mercedes-Benz In 2014, Mercedes-Benz sold more automobiles with hybrid drive than all other German manufacturers combined. The focus will continue to be on plug-in hybrids in the coming years. By the year 2017, Mercedes-Benz Cars will launch ten new plug-in hybrid models in all market segments.

• Daimler and Tesla remain partners.